Dallas home prices see record hike in closely watched national comparison

Written by MLHA Team

April 28, 2021

Dallas-area home prices are growing at the fastest rate ever in a nationwide comparison.

Dallas prices jumped by 10.9% in February — the largest gain ever in the closely watched S&P CoreLogic Case-Shiller U.S. National Home Price Index.

The monthly price report tracks residential values in the country’s 20 largest metro areas.

Dallas’ year-over-year gain in the latest report is the largest since Case-Shiller began tracking local residential values.

The nationwide price increase was even greater – up 12% from February 2020 levels and more than 11% higher than the January 2021 index.

“Strong home price gains continued in February 2021,” S&P’s Craig J. Lazzara said in the report. He said the nationwide “12.0% gain is the highest recorded since February 2006, exactly 15 years ago.

“These data remain consistent with the hypothesis that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” Lazzara said. “This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years.”

Among the markets Case-Shiller measures, the greatest price gains were in Phoenix (17.4%) San Diego (17%) and Seattle (15.4%).

“Every region logged double-digit gains,” Lazzara said.

North Texas home prices have surged in the last year as low mortgage rates fueled a flood of buyers and the inventory of houses on the market fell to a record low.

Median prices of Dallas-Fort Worth homes sold by real estate agents in the first quarter rose 13.5% to an all-time high of $310,000.

Dallas-area home values have increased by almost 90% in the last decade in Case-Shiller’s index.

Case-Shiller looks at the actual value of specific single-family homes over time. The index does not include condominiums and townhouses. It only covers preowned properties — no new construction.

“Already rising at a blistering pace, home price appreciation pressed higher in February as competition for housing remained red hot,” Zillow economist Matthew Speakman said in response to the latest Case-Shiller numbers. “As more signs emerge that the economy’s recovery is gathering steam, a wave of eager buyers — many of them seeking their first home purchase — remain determined to find their next home.

“But with relatively few for-sale homes on the market, bidding wars have become increasingly common, pushing sale prices higher and leading homes to sell at a record pace,” Speakman said. “In the near term, it appears unlikely that these upward price pressures will relent meaningfully, particularly as recent retreats in mortgage rates offer many home shoppers increased buying power.”

Zillow economists are forecasting 6.4 million U.S. home sales in 2021 — up 13.5% from 2020.

Many housing analysts say that the current pace of home price increase is unsustainable.

They worry that many buyers have already been priced out of the market.

“There are early signs of increasing availability of for-sale homes and squeeze on new buyers’ budgets due to high price tags and rising rates — which is pushing some out of the market,” CoreLogic economist Selma Hepp said. “Given these factors, home price appreciation should ease in coming months but remain in high single digits across most of the country.”

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